Has anyone else that's gone through the spans and layers exercise been subjected to a significant pay cut as part of it? I lost a manager title on Monday and am losing over 20% of my salary and bonus as well, which seems extreme.
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The economy is roaring, and it's predicted to get better in the coming months as more people get vaccinated.
WF will benefit from this, but the employees will not, because WF is still a backwards company, at least tech-wise, and hasn't caught up to where it should have been 10+ years ago.
i sent though it .. but only god bonus drop . no base pay change
Sounds like Boston Consulting Group paid your bank a visit too. They did exact same thing to BB&T. Here’s a tip, it will get worse.
This is the Charlie playbook from the past 4 banks.
@1vii+1aAqVmC8 - Teamworks, Benefits Book, chapter 16
Displacement policy has the details; it’s a material reduction of 15% of pay. You’ll need to also check the salary continuation pay plan ..
I think it matters what was the actual salary % cut? If it was a 10% salary decrease and the bonus target from manager to individual was 10% less I think that could make sense. If it was a 20% salary cut and a separate decrease in bonus that would be awful and odd. My only guess would be it was because you would be too high in salary in relation to your peers as an individual vs management role. I would say if it happened to you, it's not like you were singled out, HR is usually pretty careful about how they do these types of things in a across the enterprise efforts like spans. they used to just demote, so that does suck.
look up the displacements policy- should be listed under enterprise HR policies in the PL
a friend of mine who works in advertising told me that at the beginning of the pandemic their company instituted a 20% paycut for everyone left behind after their initial layoffs. I know i'm comparing different industries here, but 20% is what is happening out there on the street.
It used to be policy and I think it is or was 15%. It's also possible if they removed it before they started stepping down managers. Unfortunately, I can't tell you where to find it. I would be advised by HR partners and senior management about the rule a few years ago.
@ypw+1aAqVmC8 - Any idea if that is written in policy and, if so, which one??
Op- sounds like you went from a management role with more responsibility to an individual contributor role with no directs and less responsibility; why would you expect to not get a pay cut? I think 20% is probably fair considering the lesser responsibility. If you’re not happy with it, you’ll just need to find a new position. They’re looking to cut costs and at least they didn’t just lay you off which is what has happened to some.
I think, in this situation, a suggestion from an other recent post would totally make sense:
- take whatever they are giving you
- do the minimum work possible
- start looking around for remote work ( hopefully you will find that would work for you)
- get severance (might take a minute)
Basically scr-w them over royally.
Op, you should do what is best for you. I am not sure if they are also doing things to try and push you out, but not sure how much worse they can do to you.
Hope things do improve
I am sorry to hear all these bad things, but doesnt surprise me. My group makes toxic look good, they are inhumane, and seem like some kind non human being. I cant believe these people are allowed to walk around in public. Seems to me they should be locked up, layoffs would not be enough. Hope someone can send in the US Military to stop this.
Just so you know, there is an HR rule that says if you take a pay cut if x-x, you are constructively discharged and would be eligible for severance. I don't know the % though. Just fyi if you wanted to go down that path.
@zaj+1aAqVmC8 - I would gladly take severance at this point!!! Just not sure how to make that a reality. With regulators freaking out about keeping risk and compliance people in place, they just plan to make us more miserable instead of cutting.
lol, no where near $150k here and I don't see any pattern in terms of my LOB suggesting that pay is a factor at all. High pay, low pay, new, old school, one race, another race, one orientation, another orientation, doesn't matter when the axe comes.
I do know a very good manager, who’s group went through a “reorganization”, where managers were made to reinterview for their jobs. They offered him, basically, his same job for a significant portion less than he was already making. This was a year ago. Great guy, very knowledgeable in that group. He turned them down and took a high-level project management position in another part of WFC for the same amount of money he was originally making. He is happier than ever, much less stress, and the department he left is in complete shambles to this day. Knowledgeable people moved out of his old department, once he left, and now it is a bunch of newer employees working for a new manager who who are trying their best but have no direction, no experience, no legacy knowledge of the system, and no SMEs to turn to. They have had some gigantic errors because of it, and WFC would have been way ahead financially if they would have not tried to shortchange the original manager.
So - do whatever you can to take care of yourself. You might have exactly the knowledge and experience that another department at Wells needs, or that a competitor will happily pay you for. Best of luck and don’t put up with their bs. I would also try smaller banks and brokerages in your town. We have a brokerage firm in our town who is happily scooping up the talent leaving WFC for good pay. They see it as an opportunity to grow while WFC is shrinking.
if you quit, you are doing them a favor.
Charlies goal is to get you to quit.
He can hire someone in india for less than 35,000 per year to do your job.
Do the math - if you are making 150000 per year and you quit, they save not only your salary, but your bonus, your 401k match AND your severance.
Back of napkin, you just saved them over 250,000$ if you quit.
Question is, why would you ever want to make it easy on them?
Instead, you should take your lumps and wait for severance.
Quitting now? No severance.
The loss of an expensive employee PLUS no severance payment, you hand the bank a huge win.
I know you are pi---d, and i know it sucks, but don't make it easy on the bank.
You stay put and swallow your pride and wait your turn for them to have to fire you and pay 6 months of severance.
What department was this in?
It would be tough for anyone to lose 20%. If you make $50k or $150k, that's a lifestyle change.
@wuf+1aAqVmC8 - Definitely expected a cut, but not over 20%! And people management here has actually been pretty easy, compared to other places I've worked, but I had a good team as well.
Probably the reason you lost your manager title, so they wouldn’t have to pay you so much. If you decide to leave, they won’t have to pay you at all and they win even more.
Disgusting what this place has become. But then again, they want to be like Chase and that’s how they operate there.
Managing people is probably the hardest part of the job, so eliminating that aspect completely some kind of pay cut makes sense. I'd expect one, for sure.